DENTON – Effective October 3, 2016, Choptank Electric’s energy supply rates will decrease due to a greater Power Cost Adjustment (PCA) credit. With this PCA change, the reduction is equal to a $5.34 savings per month for the average 1,000kWh/month residential member. The PCA is a billing component which allows the cooperative to recover or refund the cost of electricity it procures for its members. When the cost of wholesale power goes down, the PCA rate is lowered.
This reduction reflects lower wholesale power costs from Old Dominion Electric Cooperative (ODEC). Mr. John Burke, Cecil County Board member and Choptank Electric’s representative on the ODEC Board said, “Choptank’s Board actively watches ODEC’s wholesale power pricing on a monthly basis and any way that we can help the members save is essential to the Co-op Business model. Co-ops operate on an at-cost basis, so when our wholesale power costs are reduced, so are our members’ bills. This is how we add value to our membership, every day.”
Choptank Electric is a one-eleventh owner of ODEC, whose power supply resources are a combination of owned generation, purchase power contracts including renewable sources and PJM market purchases.
About Choptank Electric: Choptank Electric, a Touchstone Energy Cooperative, is a not-for-profit, member-owned, electric distribution co-op located on Maryland’s Eastern Shore serving approximately 53,000 members. Choptank Electric Cooperative exists to provide reliable and cost effective electricity that improves the quality of life for our member-owners. For more information about Choptank Electric Cooperative, visit our website at www.choptankelectric.coop or call our Member Service Center at 1.877.892.0001.
About Touchstone Energy: The Touchstone Energy® brand represents a nationwide alliance of 751 local, consumer-owned electric cooperatives in 46 states.
About ODEC: Incorporated in 1948, Old Dominion Electric Cooperative (ODEC) provides reliable, cost-effective, environmentally balanced, wholesale electric services to our 11 member distribution cooperatives in Delaware, Maryland and Virginia. Our core business is generating, purchasing and delivering electricity to our members. ODEC is a not-for-profit generation and transmission cooperative that operates for the benefit of our members, who are our owners. ODEC and our members are each governed by a Board of Directors comprised of representatives elected from and by the respective entity’s total membership. ODEC is a not-for-profit member-owned cooperative and has no capital stock.